Falling rupee – treason on the Nation

The value of the rupee vis-a-vis the dollar, in your bank, pocket or anywhere else, just came tumbling down another 8% or so over the last few days. Compounded annually, that is, what, 5000% or thereabouts, at the very minimum?

Fine, that may be called being alarmist. But hey, things are bad, as far as the basic value of our currency is concerned. Put aside all the spin churned out by the usual culprits – good for exports, of benefit to remittances, long-term strength. Hot air is free this summer, and the voters are in India, not in and out of international airports.

Where also, readers may recall, it took some solid arguing before the authorities agreed to accept Indian rupees. Even today, if you pay by credit card at some outlets at Indian airports, your bill will be raised and charged in “hard currencies” (foreign) and then re-converted back to rupees.

I will not be surprised if parking charges and porter fees are soon raised in hard currency too. As it is, tips in rupees are now smirked at in many places, though they do accept rupees. Grudgingly.

Not surprisingly, it has been relayed back to me, prices are being quoted in dollars and “hard currencies” again, with an unofficial exchange rate of 70/- rupees if you want to buy stuff at the shops, no questions asked. This is at airports in India. On the other hand, not too long ago even 50 years ago, the Indian Rupee was the working currency in countries from those in the Persian Gulf to those in the Far East.

Truth be told, in any other civilised country, such an immense and direct threat to its currency would well be considered treason. And till not too long ago, be punishable by death, or at the very least, taken as seriously as an attack on the Nation. As is done in the US, for example, where the role of the Secret Service is two-fold – protect the life of the President, and look after the American dollar.

Unfortunately, in India, opinion makers, decision makers and law-makers, almost all of them, have their own vested interests in ensuring that the Indian rupee keeps on crackling downwards in value, relentlessly. A simple example should suffice – there is absolutely no codified regulation by anybody on what goes in or out of ATMs in India. Nor do we have counterfeit currency identification systems at the dispensers. An add-on which would cost between 1500/- and 3000/- rupees at most, if not already there and disabled.

On the other hand, in most civilised countries, an ATM will simply shut itself down if even one fake note passes through its dispensers. And the alarm will go to the relevant specialist units involved, who will be able to trace accountability immediately to the companies involved in stuffing those ATMs, which is how it should be.

This is just one example.

Another reason often put forward is – oh, the falling rupee is needed to protect the interests of the NRIs. Really? What are we, what are the numbers, what are the larger issues?

There are multiple other reasons why the rupee is moving down in value relentlessly, but they all have one thing in common – no cogent steps are being taken to reverse the trend.

It shall be up to us, Indians in India, to speak up and demand that our currency be protected against the internal decay it is being subjected to. Now. Because tomorow will be too late.

DISCLAIMER : Views expressed above are the author's own.

Author

Veeresh Malik, is a fauji brat brought up all over the country. He escaped in 1973 to work as a seafarer globally, then came ashore in 1982 to a variety of stints in India and abroad, some successful, many not. In the last decade as the India head of a small Silicon Valley tech company, he now wants to spend the rest of his life doing not much more than offering unasked for advice and opinions. He has been married (to the same person) for the last 34 years, has two children, one son-in-law and is still looking for the perfect hair-style. He lives in Delhi and does not intend to learn how to set an alarm clock. Also publishing online at Amazon with 9 books to his name.

Veeresh Malik, is a fauji brat brought up all over the country. He escaped in 1973 to work as a seafarer globally, then came ashore in 1982 to a vari. . .

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Veeresh Malik, is a fauji brat brought up all over the country. He escaped in 1973 to work as a seafarer globally, then came ashore in 1982 to a variety of stints in India and abroad, some successful, many not. In the last decade as the India head of a small Silicon Valley tech company, he now wants to spend the rest of his life doing not much more than offering unasked for advice and opinions. He has been married (to the same person) for the last 34 years, has two children, one son-in-law and is still looking for the perfect hair-style. He lives in Delhi and does not intend to learn how to set an alarm clock. Also publishing online at Amazon with 9 books to his name.

Veeresh Malik, is a fauji brat brought up all over the country. He escaped in 1973 to work as a seafarer globally, then came ashore in 1982 to a vari. . .